Japan Copper Ingot Price Rebounds, Lead Hits Record

Nippon Mining & Metals announced on Friday the firm increases the official copper ingot price by 50,000 yen to 980,000 yen per tonne for June shipment. The price is 10 days high as June 6. Mitsubishi Materials announced on the day the firm increases the official lead ingot price by 9,000 yen to record 332,000 yen per tonne for June shipment. They increased the official prices under higher offshore price and lower yen rate. The official copper ingot price increased under rebound of offshore market and 4 and half year low level yen rate with interest rate gap between Japan and USA. The averaged monthly official price reaches 969,000 yen per tonne. The offshore copper ingot price increased again in the second week of June when the inventory held by London Metal Exchange to less than 120,000 tonnes and strike concern increases for mines in Chile and Mexico. The LME price increased to US$ 7,614 per tonne at the buy price in the afternoon session on Thursday. Copper ingot price also increased to 339.75 US cents per pound at New York Mercantile Exchange. Foreign exchange rate of yen decreased sharply in the second week of June. The yen rate hit 124.15 yen per US dollar at telegraphic transfer selling rate on Friday, which was first over 124 yen since December 12, 2002. Japanese smelters’ breakeven point with imported ore is estimated to be 978,000 yen per tonne including 43,000 yen of premium and charges based on New York kerb on Thursday, which represented US$ 7,534 per tonne. The official lead ingot price increases to 328,900 yen per tonne in averaged for June shipment. LME settlement price increased by US$ 47 to US$ 2,335.50 per tonne on Thursday.